Shares in Cordel Group PLC (AIM:CRDL) jumped 11% after the company secured £1 million in a share sale priced at a 24% premium, defying the trend of discounted fundraising common among UK small-cap firms.
The AI platform, which focuses on transport corridor analytics, placed 15.38 million new shares at 6.5 pence each, significantly higher than the previous closing price of 5.25 pence.
The proceeds will be used to boost the company’s growth, particularly by advancing its AI-driven 3D object recognition technology, which is expected to unlock new revenue opportunities in the rail sector.
Institutional investor Rathbones supported the deal, acknowledging Cordel’s strategic progress and enabling the company to fast-track development of its key technology.
In morning trading the stock was up 0.56p at 5.81p.